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Deceitful or Stupid?

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Evan Kane, "RealtyFreak"

Chicago

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Let's say you have $300,000 to spend on a condo and you don't own a car.  You go to your  favorite real estate website, plug in your criteria and you find this listing.

"Great!"  you think to yourself, "it's just what I am looking for and since I don't need the $25k parking space I can afford it."

Problem is, this listing agent (like many other Chicago real estate agents) knows that the seller will not sell the unit unless the parking space is sold with the unit.  "%@!&?@!" you say and I agree with you.
If the seller won't or can't sell a condo without the parking space then it is deceitful to list the unit without the cost of the space in the list price.  Read the rest of the article here.
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June 30 - Chicago
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workabee

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Deceitful, but what do you expect. Trust, honesty, ha.
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June 30
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Michael Russell, "real estate mike"

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That's not deceitful. Don't buy a condo. You forgot to mention h.o.a. dues which YOU probably don't factor in when showing buyers condos and what they can afford. So are you deceitful? Do you max your buyers out on lending guidlines and then they have to pay parking and h.o.a.? Don't do that(slap on wrist). Don't set buyers up for failure period, and that included those ridiculous 110% loans on a one year arm with no principal getting paid! Did you advise your buyers against those when they were being made? 
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June 30
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sara bonert, "Sara Bonert"

Chicago, IL

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Good question.  I think it sucks, but I don't think it is deceitful if they are upfront about it.  A good real estate agent would advise first before you even taking the time to see the property, so you know what you are getting into beforehand.  Also, having this one minority parking spot owner in the home owner's association can get screwy.

Although I typically (totally depending on the situation) would advise going ahead and buying the parking spot even if the buyer doesn't have a car.  It will help with resale.  And when you ammoritize the cost of a $25K spot out over 30 years, you usually can rent it monthly for more. 

Something tells me with the 14 months worth of inventory we have on the market right now in Chicago, sellers are carefully considering ALL offers. 

Check the condo docs to make sure this is even legal!
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July 01
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Matt Laricy, "Matt Laricy"

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Thats just the way it is in the downtown market. You dont always have to buy the space. I have sold units where my client didnt buy the space. If you can afford to spend that type of money on a place in the city and live that lifestyle, then you can afford the option of a car. Have you ever rented parking in chicago? Much more expensive.
And to mike, why would you not tell your clients about the monthly assessments? Who does that? Thats the first thing you usually talk to your clients about when they are interested in a building. If the assessments are $800+ a month, I know thats the first thing I bring up when someone asks me to see that unit.
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July 01
 

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